27 October 2020

£10 million reverse enquiry completed under the Simply Asset Finance MTN Programme

We are pleased to announce the successful completion of a £10 million investment from a substantial family office under the Simply Asset Finance MTN Programme.

LGB completed the establishment of Simply’s £20 million MTN Programme and a £4 million first issue of notes in March 2020 with a view to providing additional capital to support the group’s lending activities. Despite the Covid-19 backdrop, Simply has now issued three separate series of notes since the establishment of the Programme, the most recent being a £10 million reverse enquiry in September 2020. The investing family office undertook extensive due diligence on Simply – supported by the due diligence exercise completed by LGB earlier in the year – and will benefit from LGB’s ongoing quarterly monitoring of the performance of the business and Programme.

This significant commitment of funds demonstrates the strength of the investment proposition – particularly the quality of Simply’s management team and supportive shareholders. In addition, it highlights the benefits of investor diversification during uncertain times and the flexibility of MTN Programmes as a funding instrument. LGB continues to expand its network of investors and is delighted to have matched significant institutional capital with a high-quality borrower who is supporting UK SMEs during the pandemic.

Simply Asset Finance is a specialist UK asset finance provider. It offers finance products as a secured lender to SMEs to fund the purchase of business-critical equipment and to free up working capital. The group was established in April 2017 by a team of asset finance specialists with very extensive industry experience, predominantly from Close Brothers Asset Finance. This was in response to the need for innovation and disruption in the sector. It is a portfolio company of Cabot Square Capital, a leading private equity investor in UK specialist lending businesses.

In these uncertain times, we are working closely with our clients, actively advising on corporate finance solutions to deal with the issues facing them, including accessing and preserving liquidity. In the expectation that this crisis will abate, clients are also looking for guidance on how best to respond to potential opportunities that may arise over the coming months. Please contact the team if you would like to learn more about the Simply Asset Finance transaction or our services generally.

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